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Gore Street Energy Storage Fund PLC on Wednesday reported it increased its portfolio as it published its first environment social and governance and sustainability report.
During the year, Gore Street said it ‘greatly’ increased its portfolio, which now consists of 291.6 megawatts of operational assets and 407 megawatts of projects under construction.
As a result of its enlarged portfolio, the investment firm said it avoided 5,454 tonnes of carbon dioxide and helped store 7,885 megawatt hours of renewable energy.
Chief Executive Alex O'Cinneide said: ‘As the world grapples with the severity of the climate crisis and the energy transition gathers pace in replacing fossil fuels with sustainable alternatives, the necessity of energy storage is ever more critical as we transition toward a greener grid and economy, in which the global economy and society can thrive.’
The company said it been working to ensure sustainability is ‘embedded’ through its business strategy. The publication of its inaugural support is hoped to provide greater transparency to its shareholders in these matters, it explained.
Gore Street is London-based fund which invests in utility scale energy storage projects located in the UK and internationally.
Shares in the firm were down 0.2% at 121.39 pence on Wednesday morning in London.
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